Avoid heartache this Valentine's Day - check your jewellery insurance
With Cupid’s arrow locked and loaded, Suncorp’s insurance brand AAMI is pleading with Aussies to check their jewellery’s insurance to avoid heartbreak this Valentine’s Day.
The latest research released by AAMI shows more than 20 per cent of Aussies who own wedding/engagement/eternity rings admit to not insuring them – even though these items’ average cost in Australia in 2021 was over $5,000.
Key findings show that while 30 per cent of those surveyed never take their ring(s) off, almost 70 per cent admit to taking their rings off regularly, with bathing (39 per cent), washing the dishes (35 per cent) and gardening (35 per cent) being the most common occasions. A further 35 per cent admit to losing or misplacing their ring at least once.
#Additional findings from AAMI’s research show:
- Almost 40 per cent of Aussies with uninsured rings do not see the point in insuring their ring/s – this is despite the fact that in Australia, an engagement ring’s average cost is more than three weeks of the average Australian’s full-time wage
Of those who have insured their rings, more than 60 per cent had their rings insured prior to or immediately after the proposal, 20 per cent waited until their home and contents insurance was next due and 10 per cent only insured their ring/s when prompted by family and friends
When they aren’t wearing their rings, the top storage places for them include:
- Jewellery box (45 per cent)
- Nightstand (40 per cent)
- Kitchen table or bench (22 per cent)
Alarmingly, 13 per cent of Australians who remove their rings admit to storing them on the side of the bath/basin in the bathroom and a further five per cent have no specific storage spot for their ring/s – they simply leave them wherever they take them off.
Head of Customer Engagement, Steven Hussey said: “For most Aussies, an engagement or wedding ring is one of the most expensive pieces of jewellery they own – both in terms of financial and sentimental value,” Mr Hussey said.
“So whether you’re newly engaged, just married or have been together forever, now is the perfect time to check the insurance on your engagement/wedding and eternity rings.
“When you purchase a new TV, iPhone or couch, most people update their insurance to protect what matters in case the worst does happen.
“And we should all do the same for our jewellery. Don’t risk a broken heart this Valentine’s Day.”
Mr Hussey also urged love-struck Australians who have already insured their rings to check their policies to ensure they have the right coverage for their valuables.
“It is important to bear in mind that not all contents insurance covers personal valuables – with AAMI for example, jewellery has a flexible limit of $2,000 per item – however, if your ring is worth more you can choose to increase this limit for an extra premium.
You also have the option of adding Accidental Damage at Home and Portable Valuables Cover for when you’re outside the home – to add that extra peace of mind and cover yourself – and your loved ones in case the worst does happen.”
Nicholas Haywood, Nicholas Haywood Jewellery Concierge
“I see it time and time again working in the jewellery industry,” Mr Haywood said.
“When someone first gets their new ring – or piece of jewellery – they are so careful with it. But as soon as the ‘shine’ wears off – so to speak - and they’ve had it for a few months – they start to become lax… and that’s when disaster can strike.
“Many people forget that they are walking around with $10, $20, even $50,000 on their hand, and so that is why I always stress the importance of insurance.
“Getting the right insurance allows you to really enjoy your pieces – show them off to the world, secure in the knowledge that if the worst does happen, you’re covered.”
For more industry and data-led research, check out Suncorp Group's latest news.
Notes to Editor: Suncorp Corporate Affairs – Insurance Research, conducted by Kantar Insights in December 2021, sampling n=1047 nationally representative Australians.